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2015 (8) TMI 659 - HC - Income TaxDeduction under Section 80HHC (2) - amounts realised in convertible foreign exchange after the specified period (i.e. within six months from the end of the previous year) - ITAT allowed claim - Held that:- Notwithstanding that there may not be any time limit as such prescribed for disposal of applications by the CIT in respect of a request made for extension of period within which the export proceeds have to be realised in convertible foreign exchange, on the facts of the present case there appears to be no justification shown by the Revenue for the CIT to have sat on the application of the Assessee for several years after it was made. Consequently, the Court is not inclined to interfere with the conclusion of the CIT (A), which has been affirmed by the ITAT in the impugned order in the impugned order, that the CIT should be deemed to have granted the permission as prayed for by the Assessee. - Decided in favour of the Assessee. Whether in view of Section 80HHC (2), the ITAT could have allowed the benefit thereunder beyond the period of 31.12.1991 when the Assessee himself applied for extension only upto that date? - Held that:- The court finds merit in the submission of Revenue that Assessee itself having sought permission for extension of time to realise the export proceeds in convertible foreign exchange only up to 31st December, 1991, the CIT (A) was not justified in extending the time beyond the 31st December, 1991. Further there appears to be no justification to the CIT (A) to further extend the time to within a period of 10 months from 1st October, 1991 to 31st July, 1992. - Decided in favour of the Revenue. It is held that CIT (A) and ITAT could not have allowed the benefit to the Assessee under Section 80HHC (2) beyond 31st December, 1991. - Decided against assessee.
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